The GBPUSD is trading to a new high and in the process is testing a key swing area up to 1.2670 and the 100-day MA at 1.2666. The high price just reached 1.2670.
This is a key technical level for both buyers and sellers. Move above and stay above and traders will start to look toward the:
- Swing high from December 17 and 1.2729,
- 50% midpoint of the move down from the September high at 1.2765
- The 200-day moving average at 1.2788.
If sellers lean here (with a stop on a break above), traders would look toward the 1.2550. Move below that and a rotation back to the swing area at 1.2474 to 1.2500 would be eyed.
Key level for buyers and sellers.
